15 Dec 2014
LIBRA DEVELOPMENTS LIMITED v CLARK [2014] NZHC 3148
- Citation
- [2014] NZHC 3148
- Court
- High Court
The Court held that the cessation of interest was linked to the project‑by‑project actual or notional winding up/completion dates fixed by the Court and that, for those notional winding ups, the notional proceeds reduce the amount on which interest is payable (i.e. the interest liability is reduced project‑by‑project and is not confined to interest on lending that was strictly project‑specific). The plaintiffs' application to give effect to that construction was granted in respect of the three projects identified.